The club of cool is a defunct group of nobodies who wanted to be somebodies on an internet forum. They believed vbulletin's karma system and post count to be some sort of e-penis indicator, and set about trying to inflate said e-penis, showing up what true fuckwits they were.

Imagine the lamest group of people possible on the internet. They clump together, and become elitist, believing themselves brilliant. That is the club of cool.